Filing Flows › Netlist (NLST) › Q2 2026 › vs Q2 2025
Netlist (NLST) Q2 2026 vs Q2 2025 (year over year)
Netlist's revenue rose $68.1M (+163%) from $41.7M in Q2 2025 to $110M in Q2 2026. The biggest changes: Resales of third-party products +$63.5M (+158%); Sale of our modular memory subsystems +$4.6M (+309%). Gross margin 20.8% against 3.3% (+17.5 pts).
Netlist, Q2 2026: revenue $110M (+163% year over year), operating margin 1.2%, net earnings $1.4M, operating cash flow $3.3M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 20.8% | 3.3% | +17.5 pts |
| Operating margin | 1.2% | -15.0% | +16.2 pts |
| Net margin | 1.3% | -14.6% | +15.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Resales of third-party products | $104M | $40.2M | $63.5M | +158% |
| Sale of our modular memory subsystems | $6.1M | $1.5M | $4.6M | +309% |
| Revenue | $110M | $41.7M | $68.1M | +163% |
| Gross profit | $22.9M | $1.4M | $21.5M | 16× |
| Cost of revenue | $87.0M | $40.3M | $46.6M | +116% |
| Operating profit | $1.3M | −$6.2M | $7.6M | — |
| Operating expenses | $21.5M | $7.6M | $13.9M | +182% |
| Pre-tax earnings | $1.4M | −$6.1M | $7.5M | — |
| Research & development | $1.1M | $833K | $217K | +26% |
| SG&A | $3.7M | $3.3M | $415K | +12% |
| Other operating costs | $16.8M | $3.5M | $13.3M | +381% |
| Net earnings | $1.4M | −$6.1M | $7.5M | — |
| Depreciation & amortization | $69K | $71K | −$2K | -3% |
| Share-based compensation | $809K | $1.0M | −$204K | -20% |
| Working capital & other | $1.0M | −$2.7M | $3.7M | — |
| Operating cash flow | $3.3M | −$7.7M | $11.0M | — |
Questions
How much did Netlist's revenue grow year over year in Q2 2026?
Netlist's revenue rose $68.1M (+163%) from $41.7M in Q2 2025 to $110M in Q2 2026.
What drove Netlist's revenue change in Q2 2026?
Resales of third-party products +$63.5M (+158%); Sale of our modular memory subsystems +$4.6M (+309%).